Washington Capital Management Inc. Makes New Investment in Globus Medical, Inc. $GMED

Key Points

• Washington Capital Management Inc. has invested $336,000 in Globus Medical, Inc. by acquiring 5,700 shares during the second quarter, according to their Form 13F filing.
• Globus Medical reported a quarterly EPS of $0.86, exceeding analysts' expectations by $0.10, with revenue of $745.34 million, up 18.4% year-over-year.
• Most of the stock is owned by institutional investors, who control approximately 95.16% of the shares, indicating strong institutional confidence in the company.

Washington Capital Management Inc. bought a new position in Globus Medical, Inc. (NYSE:GMED - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 5,700 shares of the medical device company's stock, valued at approximately $336,000.

Other hedge funds have also added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its holdings in Globus Medical by 145.5% in the first quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock worth $30,000 after acquiring an additional 240 shares in the last quarter. Larson Financial Group LLC boosted its holdings in Globus Medical by 1,007.7% in the first quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock worth $32,000 after acquiring an additional 393 shares in the last quarter. Parallel Advisors LLC boosted its holdings in Globus Medical by 62.1% in the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after acquiring an additional 193 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Globus Medical by 932.1% in the first quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after acquiring an additional 494 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in Globus Medical by 202.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 572 shares of the medical device company's stock worth $42,000 after acquiring an additional 383 shares in the last quarter. 95.16% of the stock is owned by institutional investors.

Globus Medical Stock Performance

Globus Medical stock opened at $55.67 on Monday. The stock has a market cap of $7.52 billion, a PE ratio of 21.41, a price-to-earnings-growth ratio of 1.52 and a beta of 1.16. Globus Medical, Inc. has a one year low of $51.79 and a one year high of $94.93. The stock has a fifty day moving average of $57.70 and a 200 day moving average of $62.31.

Globus Medical (NYSE:GMED - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The medical device company reported $0.86 EPS for the quarter, beating analysts' consensus estimates of $0.76 by $0.10. The company had revenue of $745.34 million during the quarter, compared to analysts' expectations of $738.91 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.Globus Medical's revenue for the quarter was up 18.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.75 earnings per share. As a group, sell-side analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a report on Monday, July 21st. Morgan Stanley lowered their price target on Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Canaccord Genuity Group lowered their price target on Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a report on Tuesday, July 22nd. Wells Fargo & Company lowered their price target on Globus Medical from $76.00 to $66.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Finally, Wall Street Zen downgraded Globus Medical from a "buy" rating to a "hold" rating in a report on Friday. Eight research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $87.64.

Insider Buying and Selling

In related news, Director Ann D. Rhoads sold 10,000 shares of the company's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $58.46, for a total transaction of $584,600.00. Following the completion of the sale, the director owned 25,384 shares in the company, valued at approximately $1,483,948.64. This represents a 28.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 18.54% of the company's stock.

Globus Medical Profile

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.

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